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I decided that sometimes I lose sight of the whole picture getting so focussed on details like interest and legal liability, and sometimes it is helpful if someone else reminds me of a more wholistic perspective. Sorry if I offended, I didn't mean to, I only meant to offer a gentle reminder of the broader picture. Good luck resolving the dispute, and following those terrific equations you were given earlier.
S

Thanks
Not offended at all actually. I didnt write the whole story and certainly don't intend to but I understand why you guys might see A as greedy. Doesn't bother me though as I know the history and all the details

not_so_lucky

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April 15, 2009 - 7:33 am

SHales wrote:

not_so_lucky wrote:

A is doing B a favour by giving her ANY money as it is in A's name afterall.

I don't know, it sounds like the boat was a gift from their father to both of them. If this is the case, then A should be giving B money, it is not a favour, the boat is partly owned by B. So what if the boat is in A's name only, that is merely paperwork. It would be interesting to see what equitable law precedent there is on actual ownership v registration or a vehicle. It sounds to me like A DOES want to be greedy, afterall. I agree with Linar, nitpicking over interest etc is likely to cause a family rift. Why not sell the boat, split the proceeds evenly and give A an extra $2K to cover B's half of maintenance.

Thanks for your opinion but I am not after opinions. I was just asking for advice as to how to work out the interest etc.

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April 15, 2009 - 4:37 am

No, the father always intended the boat to belong to A which is why he put it into A's name. A does not expect B to pay $4000 as this is the total cost of the bills etc. The maintenance is not due to wear and tear, it is for regular servicing, which needs to be performed whether the boat is used or not. A is doing B a favour by giving her ANY money as it is in A's name afterall.

Linar wrote:

It all just sounds very complicated.

If A and B's father always intended the boat to belong to both of them, it would be far easier just to sell the boat, pay back A the $4000 he has spent on the boat and then split the rest between A & B. So what if A also had a mortgage and could have put the money towards his mortgage? The boat was a gift. A and B were always going to have to pay maintenance on the boat. The fact is that A has has far more use of the boat than B and has had greater benefit. The maintenance on the boat was probably due to A's wear and tear.

Nitpicking over every last dollar is only going to lead to a family rift. If A genuinely doesn't want to be greedy then just take the four grand off and split the rest.

Cheers

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April 14, 2009 - 11:54 pm

Thank you sooooo much for this!
I will gather all the information and past payments and will try and work it out

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March 29, 2009 - 11:14 am

Is http://www.ratecity.com.au/home-loans/lowest-rates/ reliable for home loan comparison?

I did a search for

Purpose: I will be living in the property	Rate Type: Variable
Amount: $400000 State: SA

Compared the cheapest one available (statecustodians), CBA and Adelaide bank.

Company

Company

Total Repayment #	709325	757353	820706

Total Repayment #

709325

757353

820706

Ongoing Fees ($150k/$250k)	330/a	8/m	10/m

Ongoing Fees ($150k/$250k)

330/a

8/m

10/m

100% mortgage offset available

not_so_lucky

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March 29, 2009 - 8:13 am

Thanks

They refer to it as a comarison rate, is this correct?

In this case

CBA Comparison rate 5.87%
Adelaide bank Comparison rate 6.06%

What confused me was when you said that CBA's is higher than that of Adelaide bank :S

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March 29, 2009 - 7:24 am

Where do I find the Comparitive Actual Rate for various lenders?

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March 28, 2009 - 12:26 am

I take it, that's different to the Comparison rate?

According to their websites:

CBA Comparison rate 5.87%
Adelaide bank Comparison rate 6.06%

How do I find out the CAR?

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March 27, 2009 - 12:06 pm

Thank you so much duckster. It makes sense now.

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March 27, 2009 - 12:03 pm

Qlds007 wrote:

Last time i checked the CAR with Con Bank was higher.

Sorry for such a dumb question, but what does CAR stand for?

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March 27, 2009 - 9:16 am

Dan42 wrote:

You would be looking at a tax loss of $5k to $10k.

What exactly does this mean?

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March 27, 2009 - 9:15 am

Adelaide Bank is now offering just 0.5% off…

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March 27, 2009 - 9:15 am

Just thought I'd let everyone know that we signed up for a loan with the Commonwealth bank. Their Wealth Package has gone up to $350 per year and offers a 0.5% discount of the SVR. Even though Adelaide bank offers 0.5% off for free the interest rate worked out to be better with CBA

Discounted Adelaide bank interest rate: 5.4%
Discounted CBA interest rate: 5.24%

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